Epoch Times Finance Boss Drops Guilty Bomb

Judge’s gavel on a book beside a paper stamped guilty — EPOCH TIMES BOSS IN TROUBLE

The former money man behind a conservative media giant just admitted he helped turn stolen unemployment benefits into a 410% revenue boom.

Story Snapshot

Ex–Epoch Times chief financial officer Weidong “Bill” Guan pleaded guilty in Manhattan federal court to a criminal conspiracy tied to $67 million in fraud proceeds.
Prosecutors say his “Make Money Online” team used cryptocurrency to buy proceeds of crime, then laundered them through media company bank accounts as supposed donations.
Guan called his actions “a tremendous lapse in judgment” and agreed to forfeit and repay tens of millions of dollars.
The case shows how modern money launderers use respected institutions and digital tools to hide dirty cash in plain sight.

How a media finance chief turned fraud into a funding stream

Weidong “Bill” Guan was not some fringe bookkeeper; he was the chief financial officer of a global newspaper and media company headquartered in New York City, widely understood to be The Epoch Times.

Prosecutors say that from about 2020 to May 2024, Guan joined a scheme to move at least $67 million in illegally obtained funds into bank accounts controlled by the media company and its related entities. These funds included money from fraudulently obtained unemployment insurance benefits loaded onto tens of thousands of prepaid debit cards.

According to the Justice Department, Guan managed a group within the company known as the “Make Money Online” team. Members of this team knowingly used cryptocurrency to buy crime proceeds, including unemployment benefits on prepaid cards, at a discount.

They then routed the money through accounts in the names of the media company, related entities, and Guan himself, thereby hiding the true source of the funds. On paper, the cash looked like normal revenue and donations. In reality, it began as government relief money stolen from real workers.

What Guan admitted in federal court and what it means

During jury selection for his money laundering trial in Manhattan, Guan suddenly stopped the process and told the judge, “I’m guilty.” He pleaded guilty to one count of conspiring to engage in transactions involving criminal proceeds, a charge that carries up to 10 years in prison.

Guan told the court, through a translator, that his conduct was a “tremendous lapse in judgment” and said, “It was wrong and I am very sorry for my actions.” That apology matters, but in a system based on personal responsibility, it does not erase deliberate choices.

The former CFO of The Epoch Times, a conservative multinational media company, interrupted jury selection at his money laundering trial to plead guilty to a conspiracy charge in a $67 million fraud scheme. https://t.co/bthDeI2GZ9

— CBS News (@CBSNews) July 10, 2026

As part of his plea, Guan agreed to forfeit at least $67 million and pay restitution of up to the same amount. Prosecutors presented detailed behind-the-scenes evidence: cryptocurrency records, bank data, and hundreds of emails and texts in which Guan allegedly misled banks about sudden spikes in account activity.

When banks asked about the surge in deposits, Guan told them the money came from “legitimate donations,” even as internal records and government data indicated that the deposits were proceeds of fraud.

The 410% revenue spike and the question of institutional responsibility

Federal prosecutors said the media company’s internal records showed its annual revenue jumping about 410% when the laundering began, rising from roughly $15 million to $62 million. That kind of jump would raise eyebrows in any honest business.

Prosecutors link the surge directly to the flow of crime proceeds through bank and cryptocurrency accounts tied to the company. The Epoch Times has stressed that the case does not involve its news reporting, and prosecutors agree the charges are not about newsgathering.

Still, the numbers force a hard question: can a major outlet benefit from dirty money while claiming the institution itself is untouched? The idea that a media brand enjoyed a huge revenue windfall from stolen government benefits warrants scrutiny.

Guan’s plea makes clear that at least one top insider knew the money was “likely proceeds of criminality.” Whether others looked away, asked no questions, or helped is a question only deeper audits and future disclosures can answer.

Why this case matters beyond one man and one company

Money laundering is the process of taking money from crime and making it look clean by running it through the legal financial system. Regulators have long warned that criminals use respected institutions, including nonprofits and media outfits, as “vehicles” to turn dirty funds into seeming donations or ad revenue.

Guan’s scheme fits that pattern: crime proceeds became “donations” and “income,” then sat on the books as if loyal readers or donors had simply opened their wallets.

Weidong Guan, the former chief financial officer of The Epoch Times, pleaded guilty in Manhattan federal court to a conspiracy charge in a 67 million dollar money laundering scheme. Prosecutors say his team bought stolen crime proceeds, much of it fraudulent pandemic unemployment… pic.twitter.com/flNQyUhORP

— GrumpyChineseGuy (@neilzsg) July 12, 2026

This case also shows how cryptocurrency changes the game. Guan’s team reportedly used digital assets to quickly buy prepaid debit cards loaded with stolen benefits, then cashed out into bank accounts.

For hardworking Americans, especially those who lost jobs during economic shocks, that means relief money meant to keep families afloat instead helped power a media empire’s growth. A justice system that takes that seriously, demands forfeiture, and seeks prison time is not “weaponized”; it is doing exactly what it should.